辉山乳业承认资金链断裂
上周在香港股价暴跌90%的中国公司辉山乳业(Huishan Dairy)已经确认，由于未能支付利息，该公司已与20多家债权人会面，并透露已与财务负责人失去联系。
Shenyang-based Huishan Dairy confirmed on Tuesday that it had been unable to make interest payments and “with the support of the Liaoning provincial government . . . [had] held a meeting with 23 creditor banks” on March 23. In a filing to the Hong Kong stock exchange, it said the Liaoning government had set out a plan for overdue interest payments to be remedied within two weeks.
位于沈阳的辉山乳业在周二证实，由于无法支付利息，该公司于3月23日“在辽宁省政府的协助下……与23家银行债权人召开会议”。在向港交所提交的一份文件中，辉山乳业表示，辽宁省政府提议该公司在两周内支付逾期利息。
In its first public comments since Friday’s stock plunge and subsequent trading halt, the company said that chairman and controlling shareholder Yang Kai had learned of the late payments on March 21. That same day, Huishan said, it lost contact with Ge Kun, an executive director responsible for treasury and cash operations — including expenses — as well as relationships with the company’s principal bankers.
辉山乳业上周五股市暴跌后停牌，随后在首次公开声明中表示该公司董事长兼控股股东杨凯在3月21日已知道逾期付款事宜。同一天辉山乳业表示与执行董事葛坤失去联系，葛坤负责管理财务和现金业务(包括支出)，以及维持同管理集团与其主要银行的关系。。
The company said Mr Yang had received a letter from Ms Ge “indicating that the recent work stress had taken a toll on her health, that she would take leave of absence and does not want to be contacted at this time”.
该公司表示杨凯收到葛坤的一封来信，“指出其最近的工作压力对她的健康造成伤害，她会休假且希望现阶段别联系她。”
Huishan noted “rumours” that Mr Yang had “misappropriated” Rmb3bn ($436m) of funds, and said it did not believe there had been any misappropriation. It added that Mr Yang also “categorically denied” any such act.
辉山乳业注意到有“谣言”说杨凯“挪用”30亿元人民币(合4.36亿美元)资金，该公司表示，它并不认为存在任何挪用情况，同时表示杨凯也“断然否认”所有这类说法。
The company has been on the defensive since a report in December by Muddy Waters, the hedge fund set up by short-seller Carson Block, said Huishan looked on the verge of collapse because of excessive leverage. The report also accused Mr Yang of stealing more than Rmb150m in company assets. Huishan at the time issued a fierce denial and suspended trading of its shares.
去年12月卖空者卡森•布洛克(Carson Block)创建的对冲基金浑水公司(Muddy Waters)发布报告，称由于过度使用杠杆，辉山乳业处于崩溃边缘，此后该公司一直处于防御状态。该报告还指控杨凯窃取公司资产逾1.5亿元人民币。当时辉山乳业发表了一份激烈否认的声明，并暂停股票交易。
On Friday, Chinese news portal Sina Finance, citing unnamed sources, said several Chinese banks had investigated Huishan following allegations a shareholder embezzled Rmb3bn for investment in property. The report did not name the investor or give details.
上周五，中国新闻门户新浪财经(Sina Finance)援引匿名消息称，有消息称辉山一名股东挪用30亿元人民币投资房地产，国内几家银行已根据该指控对该公司进行调查。报告没有公布这名股东的名字，也没有透露任何细节。
The source of Friday’s sudden sell-off, however, remains unclear. Huishan said Mr Yang was checking with his brokers regarding shares he had pledged via his main Champ Harvest vehicle, of which Ms Ge owns 10 per cent. Champ Harvest owns almost 73 per cent of the company’s shares. Almost all of these or 71 per cent of the company’s total share count, are currently pledged as collateral for loans or margin finance for share trading.
但上周五突然抛售的根源仍不清楚。辉山乳业表示，杨凯正与他的股票经纪商核实他通过自己主要工具冠丰(Champ Harvest)所抵押的股份，葛坤拥有冠丰10%的股份。冠丰持有辉山乳业近73%的股份。该公司71%的总股本现在被抵押为贷款担保，或用来做股票交易保证金融资。
Both sorts of loans tend to have strict limits following share price falls, after which point the borrower must either top up the collateral with more shares, repay some cash, or forfeit some shares. Typically the first of those limits sit about 20 per cent under the share price at which the loan was made.
这两种贷款在股价下跌后往往有严格限制，此后借款人要么用更多股份补充抵押品，偿还部分现金，要么失去部分股份。通常当股价低于放贷时股价的20%时，就会触发第一个限制。
Huishan Dairy also said on Tuesday that its shares would remain frozen “until such time as the board has been able to ascertain an updated position of the Company’s financial position”.
辉山乳业在周二还表示其股票将继续冻结，“直到董事会能够确定本公司最新的财务状况”。
